Indiana § 27-15-13-3 Voting of securities subject to acquisition

Indiana Statutes

§ 27-15-13-3 — Voting of securities subject to acquisition

Indiana·Title 27 INSURANCE·Art. 15 DEMUTUALIZATION OF MUTUAL INSURANCE·Ch. 13 Initial Limits on Ownership of Shares

A security that is:

(1)the subject of any agreement or arrangement regarding acquisition; or

(2)held, acquired, or is to be acquired; in contravention of this chapter or of an order of the commissioner, may not be voted at any shareholders' meeting. Any action of shareholders requiring the affirmative vote of a percentage of shares may be taken as though the securities were not issued and outstanding. However, no action taken at a meeting shall be invalidated by the voting of those securities unless the action would materially affect control of the former mutual or a person that owns or controls a majority or all of the voting securities of the former mutual or unless the courts of this state have so ordered.

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A security that is:
(1) the subject of any agreement or arrangement regarding
acquisition; or
(2) held, acquired, or is to be acquired;
in contravention of this chapter or of an order of the commissioner,
may not be voted at any shareholders' meeting. Any action of
shareholders requiring the affirmative vote of a percentage of shares
may be taken as though the securities were not issued and outstanding.
However, no action taken at a meeting shall be invalidated by the
voting of those securities unless the action would materially affect
control of the former mutual or a person that owns or controls a
majority or all of the voting securities of the former mutual or unless
the courts of this state have so ordered.

Indiana § 27-15-13-3 (Voting of securities subject to acquisition) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.